Nokia owner HMD Global raises $100m in funding
Company behind Nokia phones raises capital to scale operations and fund growth
HMD Global, the mobile phone startup which owns the Nokia brand, has raised $100m in its latest round of funding.
The Finnish company says it raised the capital from multiple investors, including deal leader Ginko Ventures, to scale business operations and fund the company's growth in its second year.
With the latest round of funding, HMD Global's current market valuation exceeds $1 billion. The company posted a total revenue of EUR 1.8 billion ($2.13 billion) along with an operational loss of EUR 65 million ($77 million).
HMD Global acquired the Nokia brand and rights from Microsoft in 2015, and began selling Nokia phones in 2016. The company has shipped more than 70 million Nokia branded phones to date, with sales operations in over 80 countries.
In 2018, the company said it plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets while continuing to deliver innovation where it matters most to consumers.
Florian Seiche, CEO, HMD Global, said: "We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones. It is our ambition to deliver great smartphones that delight our fans while staying true to our Finnish roots and the hallmarks that the Nokia brand has always been known for. We aim to be among the top smartphone players globally and our success to date gives us the confidence to further continue on a growth path in 2018 and beyond."
Jean-Francois Baril, Ginko Ventures Managing Director and Founder, HMD Board member added: "We are proud to contribute to the next phase of Nokia phones and the successful raising of this investment round. Personally, as someone who has long been associated with the Nokia brand, this journey is very exciting. From its roots in Finland, HMD Global has chosen an agile strategy that leverages global relationships and collaborations to achieve its phenomenal growth."